Despite all odds, Xiaomi’s automotive business is progressing faster than anticipated.
Xiaomi’s founder, chairman, and CEO Lei Jun stated recently that the winter test for their upcoming electric vehicle (EV) has concluded successfully. He added that the automotive team is expanding and completing tasks faster than originally planned.
According to Jun, the company aims to start mass producing its first EV in H1 2024. Xiaomi has invested over $433 million in its automotive business to date. The company’s car development wing currently has over 2,300 individuals.
This year, Xiaomi’s investment in the automotive business is expected to exceed $2.8 billion, with an additional $14 billion expected over the next five years.
During the company’s Investor Day, the CEO also suggested going into robotics, as the development of such technology will accelerate self-driving capabilities of automobiles and speed up production.
The company aims to position its first car in the same category as Tesla Model 3 for mass appeal. To expedite the process, Xiaomi took over Borgward, a bankrupt German company, which will allow the commencement of EV manufacturing cars soon.
These developments indicate that Xiaomi may launch its first EV earlier than anticipated.
“Xiaomi has invested over $433 million in its automotive business to date.”
“This year, Xiaomi’s investment in the automotive business is expected to exceed $2.8 billion”
What were you smoking Waleed Shah, proofreading this.